This is one the Premier League needs to lose June 3, 2010 THESE are economically straitened times. Times when the Cabinet takes a five per cent pay cut and the governor of the Bank of England refuses a pay rise for this year and even the year after. But in the world of football, for the high-earning players and managers alike, life seems to be going on [...]
BEST OF THE BROKERS June 3, 2010 VIVENDI JP Morgan Cazenove has issued Vivendi with an “overweight” rating noting that management has indicated several times this year its willingness to acquire the 44 per cent of French mobile operator, SFR it does not own. JP Morgan believes that this could take place later this year or early next year after the completion [...]
BA passenger numbers plunge in strike chaos June 3, 2010 BRITISH Airways carried 11.5 per cent fewer passengers in May year-on-year, hit by disruption caused by seven days of strikes by cabin crew. BA, which earlier this year sealed its long-awaited merger with Spain’s Iberia, carried 2.36m passengers last month, down from the 2.76m it flew in May 2009, while its load factor – a [...]
FSA hits JPMorgan Securities with record fine June 3, 2010 THE Financial Services Authority has hit on JPMorgan Securities with a record £33.32m for mishandling client money. Under the FSA’s client money rules, firms are required to keep client funds separate from their own – in different accounts with trust status. The aim is to protect client money in the event of the firm’s insolvency. [...]
Network Rail profit plunges as debt rises June 3, 2010 NETWORK Rail profits plunged by almost 75 per cent over the past year – while the company’s costs and debts rose. The UK rail infrastructure company made pre-tax profits of £395m – down from more than £1.52bn last year. Regulator, the Office of Rail Regulation (ORR) has warned it that any bonus payments this year [...]
Kingfisher profit up after cost savings June 3, 2010 B&Q owner Kingfisher – Europe’s biggest home improvements retailer – posted a 15 per cent rise in first-quarter profit as cost savings and reduced losses in China offset a fall in underlying sales due to poor spring weather. The group, which runs Castorama and Brico Depot in France, made a retail profit of £146m in [...]
House prices up in May – but pace slows June 3, 2010 HOUSE prices rose by 0.5 per cent in last month, according to a survey by Nationwide. The lender said the increase meant prices had risen 12.2 per cent since February 2009. House prices have risen in 12 of the past 13 months on the Nationwide index, although the pace of growth appears to be slowing. [...]
BP in fresh bid to stem spill June 2, 2010 BP overcame a potentially devastating hitch last night in its efforts to plug the leak currently pumping thousands of barrels of oil into the Gulf of Mexico. The “diamond saw” used to sever a pipe connected to the damaged blown out preventer had become lodged but BP was successful in removing it. The news is [...]
M&G chief tipped for the Pru June 2, 2010 MICHAEL MCLINTOCK was touted as a successor to Tidjane Thiam at the helm of Prudential yesterday, even as the embattled executive indicated he would not resign. Thiam and his chairman, Harvey McGrath, are at the mercy of their main shareholders after their $35.5bn (£25bn) takeover of AIA was formally abandoned yesterday morning. Views among the [...]
Ferrous pulls London float June 2, 2010 BRAZILIAN iron ore firm Ferrous Resources yesterday postponed a planned listing in London that would have raised up to $400m (£273m) in one of the biggest flotations this year. “We have taken the difficult decision to postpone the initial public offering (IPO) as a result of the considerable volatility in the equity markets,” executive chairman [...]